(Reuters) – Futures tied to Canada’s main stock index were subdued on Tuesday, as markets grapple with uncertainty the day before U.S. President Donald Trump’s planned announcement of reciprocal tariffs.
The futures on the S&P/TSX index were up 0.06% at 6:40 a.m. ET (1040 GMT).
Trump is set to announce “reciprocal tariffs” to bring U.S. tariffs to other countries’ levels on Wednesday. He said on Sunday the levies will include all countries, but specific details were scant.
The announcement will come at 3 pm ET on Wednesday, U.S. Treasury Secretary Scott Bessent told Fox News on Monday.
Further, the White House aides have drafted a proposal to impose tariffs of around 20% on most imports to the U.S., the Washington Post reported.
Trump has already implemented levies on imported aluminum, steel and autos, along with increased tariffs on goods from China. Higher duties on cars will take effect on Thursday.
Back home, shares of Canadian gold miners could receive support as bullion’s record run extends to another all-time high, buoyed by safe-haven demand while investors brace for the tariffs.
Oil prices steadied near five-week highs as Trump’s threats to impose secondary tariffs on Russian crude and to attack Iran countered the impact of trade war worries on global growth.
Copper prices recovered after four sessions of losses, buoyed by continued positive data from top metals consumer China.
Canada’s main stock index rose on Monday, driven by gains in the energy and financial sectors, recovering some monthly losses.
In corporate news, First Quantum Minerals said on Monday it had agreed to discontinue two arbitration proceedings related to its Cobre Panama copper mine.
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(Reporting by Sanchayaita Roy in Bengaluru; Editing by Sahal Muhammed)
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